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Permanent Life Insurance with a growing cash value
Unlike Term insurance, Universal Life policies do not run out ever—as long as the premiums are paid to keep the policy in force. Additionally, universal policies accumulate cash value over time, and the growth compounds with any taxes taken out. The most popular form of universal life insurance uses index—like in an index linked annuity—to determine the amount of interest crediting applied to the account each year. Indexes like the S&P 500 are used to track positive and negative movement, and interest is credited to the universal life policy in years with positive growth in the index based on predetermined and selected crediting method formulas. If the index drops in numeric value in a year, the policy simply maintains its value from the previous year, and protects the accumulated value from any losses. Universal life policies have improved significantly to offer investment benefits, long term care benefits, and lifetime income as well. Every Universal policy is designed for different types of scenarios and life plans.
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